Vanguard Natural Resources LLC (NasdaqGS: VNR) closed its public offering of 7,000,000 Series B cumulative, redeemable, perpetual preferred units, the company said March 12.

The 7.625% units were priced at $25 each in the previously announced offering, Vanguard added.

Underwriters were granted a monthlong option to purchase up to 1,050,000 additional units at a price lower than the discount, the company said.

The units are listed under the ticker "VNRBP" on NasdaqGS, the company noted.

Net proceeds of about $169.2 million will repay a portion of senior secured revolving credit facility debt, Vanguard said.

Morgan Stanley (NYSE: MS), UBS Investment Bank, Barclays, Stifel Financial Corp. (NYSE: SF), Credit Suisse (NYSE: CS) and MLV & Co. were joint book-running managers, the company said.

Houston-based Vanguard Natural Resources LLC acquires, produces and develops oil and natural gas properties throughout the U.S.